Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the federal award activity of Amridge University, Inc. (“University”) under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
During the fiscal year ended June 30, 2025, the University processed new loans under the Federal Direct Student Loan Program totaling $8,269,038. For loans processed under this program, the University is only responsible for performance of certain administrative duties and, accordingly, these loans are not included as assets in the University’s financial statements. It is not practical to determine the balance of loans outstanding to students and former students of the University under the Federal Direct Student Loan Program as of June 30, 2025.
For the year ended June 30, 2025, there were no related party transactions affecting federal awards.